Bromley Bid Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08974724 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

BROMLEY BID LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A M Bawn

C G Glover

M G Haynes

Mrs N J Goodman

REGISTERED OFFICE:

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

BUSINESS ADDRESS:

Regus Building

One Elmfield Park

Bromley

BR1 1LU

REGISTERED NUMBER:

08974724 (England and Wales)

ACCOUNTANTS:

Ballams

Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

FIXED ASSETS

Tangible assets

4

743

960

CURRENT ASSETS

Debtors

5

4,077

91,977

Cash at bank

355,748

122,356

359,825

214,333

CREDITORS

Amounts falling due within one year

6

42,766

88,205

NET CURRENT ASSETS

317,059

126,128

TOTAL ASSETS LESS CURRENT LIABILITIES

317,802

127,088

RESERVES

BID renewal reserve

8

-

40,000

Income and expenditure account

8

317,802

87,088

317,802

127,088

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2022 and were signed on its behalf by:

A M Bawn - Director

1.	STATUTORY INFORMATION

Bromley Bid Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents annual levy payments received from businesses in the Bromley Business Improvement District, voluntary contributions and other income generated in the course of promoting Bromley Town Centre.

Levy payments are recognised on a straight line basis over the year to which they relate with any necessary adjustments being made through deferred income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Government grants

Grants are accounted for using the accrual model.

Grants relating to revenue are recognised in the Statement of Income and Retained Earnings in the same period as the related costs for which the grant is intended to compensate. Where there are no future related costs the grant shall be recognised in the period in which it becomes receivable.

Grants relating to assets are recognised in the Statement of Income and Retained Earnings over the expected useful life of the asset.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and bank facilities.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Going concern

The directors have considered the impact of the COVID-19 pandemic on the activities of the BID. Planned events have been cancelled or postponed and levy collections have been affected. The company has however been able to continue its operations throughout the pandemic and has taken advantage of the government support and assistance available.

The directors will continue to forecast and monitor cashflows carefully and adjust expenditure accordingly. The directors therefore consider that the going concern basis of accounting remains appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

1,087

4,329

5,416

DEPRECIATION

At 1 April 2020

127

4,329

4,456

Charge for year

217

-

217

At 31 March 2021

344

4,329

4,673

NET BOOK VALUE

At 31 March 2021

743

-

743

At 31 March 2020

960

-

960

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

636

Other debtors

4,077

91,341

4,077

91,977

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

427

77,036

Taxation and social security

19,779

9

Other creditors

22,560

11,160

42,766

88,205

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

-

57,086

8.

RESERVES

Income

and

BID

expenditure

renewal

account

reserve

Totals

£

£

£

At 1 April 2020

87,088

40,000

127,088

Surplus for the year

190,714

-

190,714

Transfer to income and expenditure account

-

(40,000

)

(40,000

)

Transfer from BID renewal reserve

40,000

-

40,000

At 31 March 2021

317,802

-

317,802

The BID renewal reserve of £40,000 has been transferred back to the income and expenditure account following the successful renewal of the BID in February 2021. The actual costs of the BID renewal process totalled £26,181.

9.	POST BALANCE SHEET EVENTS

On 23 September 2021 the company signed a five year agreement for the hire of equipment. The annual commitment is £85,000, equating to a total commitment of £425,000 over the period of the agreement.

10.	LIMITED BY GUARANTEE

The company is limited by guarantee. Each member of the company under clause 3 of the Articles of Association has agreed to contribute up to £1 in the event of a winding up.